Egypt weighs energy curbs

The Egyptian government is preparing to rein in spending again, particularly on fuel and electricity consumption in ministries and government agencies. It will also cut spending on publicity and advertising, while prioritizing production, manufacturing and exports. The move comes as the budget gap widens: oil prices have risen from $75 a barrel—the price assumed when the budget was prepared—to around $107, while the Egyptian pound fell 5.81 percent over the past month and 17.27 percent over the past year. The government spokesperson said the measures do not include power cuts or decisions that directly affect citizens. Meanwhile, foreign companies have been notified that delivery of five of the 15 contracted liquefied natural gas cargoes will be postponed.

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